Bank cards that earn Bitcoin rewards are all the rage, it seems. Instead of airline miles or points for hotel stays, these fintech cards earn cryptocurrency with every purchase. The latest card in this fast-developing category is the BlockFi Bitcoin Rewards Credit Card.
Details About the New BlockFi Bitcoin Credit Card
The BlockFi Bitcoin Rewards Credit Card is the product of a venture between Visa and fintech/cryptocurrency company, BlockFi. The card, which will feature a $200 annual fee, will be issued through Evolve Bank & Trust.
The BlockFi Bitcoin Rewards Card will earn 1.5% cash back. However, rater then traditional cash back, the money takes the form of Bitcoin – the world’s most valuable digital asset and commodity. Interestingly, new accounts can also earn $250 in Bitcoin after making $3,000 in purchases with the card within the first three months of opening an account.
Speaking with Bloomberg, BlockFi’s founder and CEO, Zac Prince, hailed the partnership. “(We’re) excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers,” he said.
The timeframe for the launch of the new BlockFi credit card is currently unknown. However, the BlockFi site has a waitlist available for anyone who is interested in opening a card account.
Visa’s Fintech Fast Track Program
The co-venture between Visa and BlockFi is not the payment network’s first foray into Bitcoin or cryptocurrency. Visa currently operates a Fintech Fast Track program that seeks to speed up the integration process of fintech companies into the traditional credit card space.
Visa unveiled plans for a cryptocurrency debit card in April. Created by San Francisco startup, Fold, that project allows cardholders to earn up to 10% back on select purchases as Bitcoin. The Fold Card was like the Coinbase Card, which the company also announced earlier this year.
BlockFi Lending is a financial services company. It specializes in providing credit services to markets with limited access to simple products like a savings account. The company offers a variety of services, including cryptocurrency trading. BlockFi features market-leading rates with institutional-quality benefits not found with other startups.
Related Article: Portland Startup Turns Credit Card Rewards to Stock